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mTek, a leading digital insurance platform in Kenya, has announced a strategic partnership with UzaPoint to offer fully digital insurance products tailored for Small and Medium Enterprises (SMEs). This collaboration marks a significant step towards increasing accessibility and convenience for SMEs seeking comprehensive insurance coverage.
The partnership empowers UzaPoint to integrate mTek’s digital insurance solutions into its platform, allowing SME customers to easily access and manage a range of insurance products. These products cover risks such as theft, fire, floods, and other perils, with optional coverage for business interruptions due to hospitalization, ensuring that SMEs are well-protected against unforeseen events.
“We are excited to partner with UzaPoint to improve accessibility and convenience via an integration that allows SMEs to easily purchase and manage insurance policies directly through the same system they use for other business operations, streamlining the entire process,” said Ms. Bente Krogmann, CEO of mTek.
Through the mTek platform, UzaPoint can offer various policies, generate and share quotes with customers, and complete the purchase process entirely digitally, eliminating the need for emails or phone calls to agents or brokers. This innovation drastically reduces the insurance sales process from 10 days to just 10 minutes, providing a more efficient and user-friendly experience for SMEs.
“We are thrilled to partner with mTek as we work to enhance insurance access for SMEs, which are the backbone of our economy. This partnership will increase access to digital insurance solutions for SMEs, simplify the insurance purchase process, and promote financial inclusion through innovative and accessible insurance products,” said Mr. Victor Magaki, COO of UzaPoint.
A key feature of this partnership is the inclusion of Insurance Premium Financing (IPF) options, which allows SMEs to pay their insurance premiums in manageable installments. This feature makes insurance products more affordable and accessible, enabling more businesses to obtain necessary coverage without the burden of large upfront payments.
The integration of insurance products within the UzaPoint ecosystem will be facilitated through an API, allowing customers to purchase insurance directly from a trusted source within an environment they are already familiar with. This seamless integration is expected to further enhance the user experience and increase the adoption of digital insurance solutions among SMEs.
SMEs play a critical role in Kenya’s economy, contributing up to 24 percent of the country’s GDP, accounting for over 90 percent of private sector enterprises, and employing 14.1 million people, which represents 93 percent of the total labor force. However, many SMEs face significant risks and uncertainties that can lead to business closures. This partnership between mTek and UzaPoint aims to address these challenges by providing SMEs with the necessary tools to secure their businesses and promote long-term sustainability.
